Know the Key 40th GST Council Meeting Updates

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The 40th GST council meeting was held on Friday under the leadership of FM Nirmala Sitharaman. Here are key 40th GST Council Meeting Updates.

The meeting was conducted via video conferencing.


Important 40th GST Council Meeting Updates

The GST Council has given several recommendations on GST Law & Procedures changes. Here are the key 40th GST Council Meeting Updates:


#1. GSTR-3B Late Fee Relaxed (July 2017 to January 2020)

The late fee for non-filing GSTR-3B return for the period from July 2017 to January 2020 has been reduced or waived off as below-

  • There’s no late fee in the case of NIL GST return.
  • The maximum late fee will be ₹500/- per return in case of GST liability. Earlier, the maximum late fee was ₹5,000/- per return. So, the relaxation of ₹4,500/- per return has been given.
  • The above relief would apply if all the above returns filed between 1st July 2020 to 30th September 2020.

This relaxation is given to clear up pendency in GST return filing.

Now NIL GST Return Filing Easier than Ever!

#2. GST return filing relief to small taxpayer (February to April 2020)

The GST department has given relief to the small taxpayers having GST registration whose aggregate turnover is up to ₹5 crores.

  • The GST returns for the months February to April 2020, no interest will be charged till 6th July 2020.
  • Thereafter, the rate of interest for late furnishing of return for the said months beyond due dates is reduced from 18% to 9% per annum till 30th September 2020.
  • There’s no relaxation in late fee for GST returns for the months February to April 2020.


#3. Further Reliefs to the small taxpayers (May to July 2020)

In the wake of COVID-19 pandemic, further reliefs to small taxpayers having aggregate turnover up to ₹5 crores:

  • In case of GSTR-3B returns for the months of May to July 2020, late fees shall be waived off if return filed till Sep 2020
  • Besides, the interest shall also be waived off, if GSTR-3B returns are filed till September 2020.
  • If GSTR-3B returns are not filed till September 2020, the late fee shall apply as per the existing provision.


#4. Due date for revocation of GST cancellation Extended

To help those taxpayers who couldn’t revoke their canceled GST registrations timely, the period for filing of revocation of GST cancellation is extended up to 30th September 2020, if the GST registration has been canceled till 12th June 2020.

Now Traders can Restore their Cancelled GST Registration

So these are the key 40th GST council meeting updates.

Read the PIB Notification.

In case you need any kind of further guidance with regard to the GST registration, GST return filing procedure, GST cancelation, or any other GST compliance, please feel free to contact our business advisors at 8881-069-069.

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